WEDNESDAY, APRIL 20, 1994
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FS OUTLINES PROGRESS ON AIRPORT PROJECTS
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THE FINANCIAL SECRETARY, THE HON SIR HAMISH MACLEOD, TODAY (WEDNESDAY) SAID THE GOVERNMENT'S STEP-BY-STEP APPROACH TO THE FUNDING OF PROJECTS ON THE AIRPORT CORE PROGRAMME HAD "MAINTAINED THE MOMENTUM OF PHYSICAL WORKS", AND ENABLED A "GREAT DEAL OF PROGRESS" TO BE MADE.
ADDRESSING THE LEGISLATIVE COUNCIL, THE FINANCIAL SECRETARY STRESSED THAT THE GOVERNMENT WAS CONTINUING TO SEEK AGREEMENT WITH THE CHINESE SIDE ON FINANCING FOR THE AIRPORT AND AIRPORT RAILWAY.
SIR HAMISH SAID: "WE ARE ENERGETICALLY PURSUING TWO PARALLEL COURSES OF ACTION. FIRST, WE CONTINUE TO TAKE POSITIVE STEPS TO SEEK TO REACH AGREEMENT WITH THE CHINESE SIDE ON THE FINANCING ARRANGEMENTS FOR THE AIRPORT AND THE AIRPORT RAILWAY.
"SECONDLY, WE CONTINUE TO SEEK FUNDS FROM THE FINANCE COMMITTEF ON A STEP-BY-STEP BASIS TO ENSURE THAT WE MAINTAIN MOMENTUM IN CARRYING FORWARD AIRPORT CORE PROGRAMME PROJECTS AS FAR AS WE CAN, TO MINIMISE DELAY AND THE ADDITIONAL COSTS ASSOCIATED WITH IT."
SIR HAMISH EXPLAINED THAT, SINCE EARLY 1992, FOUR SETS OF FINANCING PROPOSALS HAD BEEN SUBMITTED TO THE CHINESE SIDE. THE FOURTH PROPOSAL INCREASED THE PROPOSED EQUITY INJECTION DRAMATICALLY.
IN ADDITION ΤΟ THE ORIGINAL $20.3 BILLION, THERE WERE TWO FURTHER SUMS. FIRST THERE WAS A FURTHER INJECTION OF $20 BILLION FROM RESERVES. SECONDLY THERE WAS ABOUT HALF OF THE APPROXIMATELY $40 BILLION ADDITIONAL REVENUE TO BE OBTAINED FROM AIRPORT RAILWAY RELATED LAND IN THE PERIOD TO JUNE 1997.
"ALL THIS SHOWS THAT WE HAVE DONE OUR BEST TO BE AS FLEXIBLE AND AS POSITIVE AS WE CAN IN RESPONSE TO THE VIEWS OF THE CHINESE SIDE. WE ARE ALREADY HAVING DISCUSSIONS AT THE EXPERT LEVEL WITH THE
CHINESE SIDE ON THE FOURTH SET OF FINANCING PROPOSALS," SAID SIR
HAMISH.
"ALTHOUGH OUR TALKS WITH THE CHINESE SIDE HAVE NOT YET PRODUCED A FULL AGREEMENT ON THE AIRPORT AND AIRPORT RAILWAY FINANCING, WE HAVE MAINTAINED THE MOMENTUM OF PHYSICAL WORKS WITH OUR STEP-BY-STEP APPROACH TO THE FUNDING OF PROJECTS.'
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OVERALL ON THE AIRPORT CORE PROGRAMME, CONTRACTS TOTALLING SOME $48 BILLION HAD BEEN AWARDED, ALL WITHIN BUDGET AND PROGRESSING WELL.
"YOU ONLY HAVE TO LOOK OUT INTO THE HARBOUR TO REALISE THE TREMENDOUS ACHIEVEMENTS WE ARE MAKING: THE WEST KOWLOON RECLAMATION, WHICH IS MORE THAN 70 PER CENT COMPLETE; AND THE TWIN TOWERS OF THE TSING MA BRIDGE, WHICH HAVE REACHED THEIR FULL HEIGHT AND ARE NOW BEING LINKED UP WITH WIRES THAT WILL FORM A CATWALK FOR WORKERS, SAID SIR HAMISH.
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CONSTRUCTION
PROVISIONAL
WITH THE SUPPORT OF THE FINANCE COMMITTEE. THE AIRPORT AUTHORITY HAS ALREADY COMPLETED 92 PER CENT OF THE DESIGN FOR THE PASSENGER TERMINAL BUILDING AND ABOUT 35 PER CENT OF FOR OTHER ESSENTIAL SYSTEMS AND EQUIPMENT.
THE DESIGN
/THE SITE
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